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The conference was fantastic. The information provided was useful,...
Roy Clothier, Investment Officer, CalSTRS Read more |
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CNBC Interviews Live from Active-Passive Investor Summit |
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Please note that this reception is strictly reserved for qualified Beneficial Owners. To confirm your attendance, please email dettinger@imn.org.
Please Note: The 7:25am workshop is open to all Summit attendees, however, the 8:10am session is only open to qualified Beneficial Owners. Beneficial Owners wishing to register for the 8:10am session, please email dettinger@imn.org.
This comprehensive workshop - which is open to beneficial owners and others interested in updating their securities lending knowledge and skills - will provide an introduction to Securities Lending for novice lenders with a view to answering the questions of 'is now a good time to initiate a Securities Lending program?' and 'which way should I go in this economic climate?'. While navigating the steps, costs and strategy behind Securities Lending today, we will also address industry best practices in each area and will set the stage for issues which will be discussed in greater detail during the balance of the Summit. The session includes a look at: - Metrics for understanding your program - Monitoring an evaluation - Finding best execution for Securities Lending Session Chair: Josh Galper, Managing Principal, FINADIUM LLC [ BIO ]
Continuing the valued tradition of offering Beneficial Owners a confidential peer-to-peer open discussion forum, the following roundtables will enable participants to freely discuss issues at the top of their agenda. Participation is strictly limited to qualified Beneficial Owners. Attendees may submit suggestions for points for discussion by emailing tbailey@imn.org. Submitted questions will remain anonymous. To register, please email dettinger@imn.org.
Session Chair: Dan Kiefer, Opportunistic Portfolio Manager , CALIFORNIA PUBLIC EMPLOYEES' RETIREMENT SYSTEM [ BIO ]
Session Chair: Christine Bosco CFA, Sr. Securities Lending Analyst, FRANKLIN TEMPLETON
Opening Welcome By: Timothy Bailey, Vice President and Conference Producer, INFORMATION MANAGEMENT NETWORK
Presentation of the 11th Annual Steve Dimino and Ian Schneider (Cantor Fitzgerald S/L Management) Beneficial Owner Award.
An opening session providing a broad overview of the state of today’s Securities Lending industry. By examining key industry trends and putting them into context with a comparison of historical data, attendees will hear the latest expert view of where the Securities Lending industry currently stands. Presenter: Timothy D'Arcy, Senior Vice President - ASTEC, SUNGARD [ BIO ]
Heads of Programs come together in this panel to give their perspectives on the short/medium-term industry outlook for Securities Lending. They will discuss factors that, from their particular viewpoint, will likely enhance industry opportunities and create obstacles for the next 12-18 months. Moderator: Tim Smith, Executive Vice President, SUNGARD SECURITIES FINANCE [ BIO ] Panelists: James Slater, Global Head of Securities Lending, BNY MELLON [ BIO ] Elizabeth Seidel, Managing Director, BROWN BROTHERS HARRIMAN [ BIO ] Tred W. McIntire, Managing Director, GOLDMAN SACHS [ BIO ] Judith Polzer, Head of Securities Lending Product, J.P. MORGAN [ BIO ] Jeffrey S. Benner, Senior Vice President, NORTHERN TRUST [ BIO ] Nicholas Bonn, Executive Vice President, Head of Securities Finance, STATE STREET CORPORATION
Building on the success of last year’s introduction of this session, senior industry executives take part in a panel discussing their approach to key areas within Securities Lending, including, but not limited to: - Operational Issues - Benchmarking - Risk Management - Relationship Management - Product Development - Compliance - Reinvestment - Regulation - Transparency - Innovation Moderator: Greg S. Korte, President, KORTE & ASSOCIATES CONSULTING, LLC [ BIO ] Panelists: Anthony T. Toscano, Managing Director Head of US Trading, DEUTSCHE BANK [ BIO ] Paul Lynch, Chief Operating Officer, ESECLENDING [ BIO ] John M. Scully CFA, Vice President, Global Head of Relationship Management, GOLDMAN SACHS [ BIO ] Simon Mendelson, Managing Director, BLACKROCK Paul Wilson, Managing Director, J.P. MORGAN [ BIO ]
In this panel we will look at the respective economic outlooks, political, tax, legal and regulatory considerations and potential risks/returns associated with emerging markets lending from both a demand and supply side perspective. Among the points to be discussed are: - Examining the growth of emerging markets - What are current volumes and demand trends - Are the rewards vs the risks worth it? - What are the challenges; any barriers to entry - Where are the best opportunities for 2012? - What is next on the horizon? Moderator: Ed Blount, Executive Director, CENTER FOR THE STUDY OF FINANCIAL MARKET EVOLUTION [ BIO ] [ 
Presentation ]
Panelists: Robert Coxon, Managing Director, Head of International Securities Lending, BNY MELLON [ BIO ] James Gerspach, Executive Director, J.P. MORGAN [ BIO ] Melissa Gow, Head of Account Management, Americas, DATA EXPLORERS [
Presentation ]
The issues in Securities Lending faced by larger funds are quite different to those operating on a far smaller scale, and with diverse operational procedures and management structures. This panel examines the issues unique to those smaller funds, including particular consideration of the heightened levels of risk involved. Moderator: James Reichert, Senior Consultant, NEPC, LLC [ BIO ] Panelists: Irv M. Lowenberg, Treasurer, CITY OF SOUTHFIELD, MI [ BIO ] James P. Maloney, Trustee, CHICAGO POLICEMEN'S ANNUITY & BENEFIT FUND [ BIO ] James J. Vance, Vice President and Treasurer, WESTERN & SOUTHERN FINANCIAL GROUP
This panel addresses the assessment of performance of a Securities Lending program, including exploring how a Beneficial Owner’s decision-making processes can directly impact the performance of the program. This year the panel will look at these issues in terms of the impact of the financial crisis of 2008-2009 and how the conditions and pressures of that period may have changed the performance view of practitioners and beneficial owners. One particular area of re-focus is liquidity management which was a particular pressure point during this period and how changes to this process are impacting returns and the performance assessment. Beyond this, the question of whether securities lending continues to be an efficient addition to a beneficial owner’s investment portfolio will be considered. Moderator: William Pridmore, President, WILLIAM F. PRIDMORE, LTD. [ BIO ] Panelists: Jeffrey W. Trencher, Vice President, STATE STREET CORPORATION [
Presentation ]
Jon Wedrogowski CAIA, Vice President, Head of Analytics, KELLNER DILEO & COMPANY [ BIO ] Julie Hubbard, Head of Relationship Management for the Americas, BROWN BROTHERS HARRIMAN
Following on from last year's popular discussion, a new panel of Beneficial Owners compare and contrast their different routes to market, and how their strategies may align with the approaches of audience members. Panelists detail the reasoning behind their chosen strategy, their due diligence efforts, pros and cons encountered and – with hindsight – what they would do differently, before aiming to conclude on how Beneficial Owners should evaluate what is best for their portfolios and desired program structure. Moderator: David Martocci, Global Head of Sales and Third Party Lending, Securities Finance, CITI [ BIO ] [
Presentation ]
Panelists: LJ Jhangiani, Portfolio Manager, ALLSTATE INVESTMENTS, LLC [ BIO ] Debra McGinty-Poteet, Director, Mutual Funds, BRANDES INVESTMENT PARTNERS [ BIO ] Christine Bosco CFA, Sr. Securities Lending Analyst, FRANKLIN TEMPLETON Jack Huber, Director, Institutional Sales, CITI [ BIO ]
A panel examining the latest regulatory and legislative updates impacting the Securities Lending industry, and the critical information on enforcement that all Beneficial Owners need to know. Panel participants offer an overview of the current regulatory landscape for Beneficial Owners, and highlight the impact of specific regulations. To request specific regulations you would like to see examined, please email tbailey@imn.org. Submitted questions will remain anonymous. Moderator: Bruce McDougal, Director - Global Securities Lending, BLACKROCK [ BIO ] Panelists: Michael McAuley, Managing Director, Securities Lending Senior Business Strategist , BNY MELLON [ BIO ] Tamela Merriweather, Securities Lending Legal Counsel, NORTHERN TRUST [ BIO ] Susan Light, Senior Vice President & Chief Counsel , FINANCIAL INDUSTRY REGULATORY AUTHORITY [ BIO ] Anita Ryan, General Counsel, ESECLENDING [ BIO ] Robert Rinaldi, Supervising Examiner, FEDERAL RESERVE BANK OF NEW YORK [ BIO ] Robert Wittie, Partner, KL GATES LLP [ BIO ]
A panel of Beneficial Owners consider if Securities Lending programs are still appropriate for all, and how the current state of the market is affecting internal discussions of this nature. The debate is framed around the current state of the economy, and how this is affecting the internal decision-making process for various Beneficial Owners with regard to their Securities Lending program. How have things changed in the wake of the economic downturn? What is the future for Securities Lending, both short-term and long-term? Moderator: Jeff Kearny, Principal, KORTE & ASSOCIATES CONSULTING, LLC [ BIO ] Panelists: Debra McGinty-Poteet, Director, Mutual Funds, BRANDES INVESTMENT PARTNERS [ BIO ] Brian K. Yeazel, Managing Director - Fixed Income, MASON STREET ADVISORS [ BIO ] Mark Swenson, Deputy Treasurer , OFFICE OF THE ARIZONA STATE TREASURER [ BIO ]
Following on from the debate on Cash vs. Non-Cash Collateral, this panel delves deeper into an examination of Cash Collateral Reinvestment, including the latest on what Beneficial Owners should be aware of in the regulatory arena. Moderator: Jeffrey Kidwell, Director of AVM Solutions, AVM, LP AND III ASSOCIATES [ BIO ] Panelists: LJ Jhangiani, Portfolio Manager, ALLSTATE INVESTMENTS, LLC [ BIO ] Brian K. Yeazel, Managing Director - Fixed Income, MASON STREET ADVISORS [ BIO ] Steven R. Meier CFA, Executive Vice President-Chief Investment Officer, Global Cash Management, STATE STREET GLOBAL ADVISORS [ BIO ] Cindy L. Bernhardt, Managing Director, BLACKROCK
A panel examining the concept of Beneficial Owners being able to retain shareholder voting rights for foreign stocks out on loan by utilizing Lender-Directed Voting (LDV). Panelists examine how Beneficial Owners may be able to use LDV to preserve control over corporate governance decisions, while still ensuring income from securities lending, pending further discussion and regulatory approval. Beneficial Owners are given an introduction to LDV, the issue of Empty Voting is considered, and results of LDV pilot studies with cases studies to assist in the thought process are discussed. Moderator: Ed Blount, Executive Director, CENTER FOR THE STUDY OF FINANCIAL MARKET EVOLUTION [ BIO ] Panelists: Philip Larrieu CFA, Investment Officer/Corporate Governance, CALIFORNIA STATE TEACHERS' RETIREMENT SYSTEM [ BIO ] Robert Van Ness, Professor of Finance, THE UNIVERSITY OF MISSISSIPPI [ BIO ]
Participation is strictly limited to qualified Beneficial Owners. To register, please email dettinger@imn.org. To submit discussion points, please email tbailey@imn.org. Submitted questions will remain anonymous.
Discussion Leaders: Steven Pesek, Supervising Examiner, FEDERAL RESERVE BANK OF NEW YORK [ BIO ] Robert Rinaldi, Supervising Examiner, FEDERAL RESERVE BANK OF NEW YORK [ BIO ]
Discussion Leader: Barry D. Weiss CFA, Sr Director, FITCH RATINGS
Three practical roundtable workshops – facilitated by industry experts – that will offer Beneficial Owners the benefit of engaging in a dialogue and hence get a deeper understanding of the respective topics and how they specifically relate to their needs. Beneficial Owners will have the opportunity to attend three rotations of the 30 minute workshops. Participation is strictly limited to qualified Beneficial Owners.
Workshop Leader: Joshua Lavender, Executive Director, Technical Sales RM, J.P. MORGAN [ BIO ]
Workshop Leaders: Mark H. Payson, Managing Director, Global Head of Trading & Asset Liability Management , BROWN BROTHERS HARRIMAN [ BIO ] Julie Hubbard, Head of Relationship Management for the Americas, BROWN BROTHERS HARRIMAN
Workshop Leaders: Ed Oliver, Senior Vice President, Client Relationship Management, ESECLENDING [ BIO ] Peter Bassler, Managing Director, ESECLENDING [ BIO ]
An overview and analysis of the Tri-Party Repo market, its impact on the recent financial crisis, and what Beneficial Owners should know about the Task Force on Tri-Party Infrastructure. Moderator: Judith Mabry, Consultant, MABRY CONSULTING [ BIO ] Panelists: Nancy Sullivan, Managing Director-Head of US Government Trading, BNY MELLON [ BIO ] Jonathan Cooper, Senior Consultant, FINADIUM LLC [ BIO ] Barrie L. Ringelheim, Managing Director, CITI Michelle Sonier, Executive Director, Head of Technical Sales & Relationship Management - Clearance & Securities Collateral Management, J.P. MORGAN
The Prime Brokerage Landscape has changed since the financial crisis in 2008 and the traditional margin rehypothecation model. Long/Short portfolios have a choice on how best to structure their Prime Brokerage arrangements. The choices include the Traditional PB model, Prime Custody, or Custody Based Lending/Financing solutions. Talking points include: - How has this impacted the Beneficial Owners? - What are the key differences in the models? - What questions should I be asking my Investment Manager? - What are the considerations when evaluating a Prime Brokerage provider? Moderator: Josh Galper, Managing Principal, FINADIUM LLC [ BIO ] Panelists: James Bryant, Senior Managing Director, Securities Finance, STATE STREET CORPORATION [ BIO ] Jack Huber, Director, Institutional Sales, CITI [ BIO ]
A panel considering the Borrower and Hedge Fund perspective on the industry, and what Beneficial Owners need to know. Including Borrower and Hedge Fund thoughts on: - What Hedge Fund strategies are the most successful and attracting the most flows? - To what extent are regulations/the current market environment dampening trading/demand activity? - What makes a good lender? - What assets are 'hot'/most in demand? - Prime Custody: Is it a real alternative, and how are Prime Brokers responding? - Are Hedge Funds keen to use a CCP? - The Outlook for 2012 Moderator: Aaron Stearns CFA, Trader, AVM, LP AND III ASSOCIATES [ BIO ] Panelists: Jon Kinderlerer, Director, Risk Management, Prime Services, CREDIT SUISSE [ BIO ] Gene Picone, Director, SCOTIA CAPITAL [ BIO ]
For more details on the Golf Tournament, click here.
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